As you can see from the graph below, it has been a choppy start to the week for the Sterling to Canadian Dollar cross. Data has actually been thin on the ground today, with only some minor releases from Europe and the US.
At the risk of sounding like a broken record, today’s movements were down to political news, rather than any economic figures.
The latest news from the UK is that, Nicola Sturgeon will call for another Scottish independence vote. This just adds to the instability of the UK economy in a time when they are beginning Brexit negotiations.
GBP/CAD exchange rate graph
This weeks Canadian Data
This week there is very little data being released from Canada. Thursday is the first day we have any data in the form of Foreign Securities Purchases. This is unlikely to have any large effect on the exchange rates. Friday sees the release of the monthly Manufacturing Sales. Last month showed good growth and a repeat could strengthen the Loonie, bringing rates down.
With a raft of data from the UK, US and Europe, as well as a we could still see the Canadian Dollar crosses move dramatically. Keep in touch with your FCG account manager to stay one step ahead of the markets.
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